Specialist lender and savings provider Paragon Bank has reached £7.5 billion in deposits, just six years after launching its range of saving accounts.
The FTSE 250 company offers a range of fixed-rate, easy access, notice accounts and cash ISAs. Earlier this year, it introduced two new features across its Cash ISA range – ISA Flexibility and the ISA Wallet – which allows people to invest in multiple ISAs within the same tax year. It also became one of few financial providers to offer the Lifetime ISA, supporting first-time buyers in saving up for their first home or retirement.
Managing Director of Paragon Bank Savings Michael Helsby said: “Reaching £7.5 billion in saving deposits is an important milestone for us. It shows our commitment to providing saving products that are appealing to customers, including through competitive rates, great service and ease of access across multiple channels to suit all needs.
“Over the course of the last year, we’ve diversified our savings offering to suit the evolving needs of our customers, including by helping them make the most of their ISA allowance.”
Supporting Covid-19 economic recovery through lending
Paragon Bank uses customer deposits to lend out to households and SMEs, so the growth in deposits has allowed Paragon to continue to support its customers in the wake of the Covid-19 pandemic.
In May, Paragon Bank provided Hampshire-based business AdCo UK with a £60,000 funding package, enabling the adhesive company to shift production to produce alcohol hand gel to help meet escalating demand from the public, local authorities and care homes.
This month, Paragon also provided a funding package to enable the growth of a Lancashire-based family farm, facilitating the purchase of a New Holland CX9.90 STS Tracked Combine Harvester. The farm, belonging to brothers Thomas and Ian Stafford and their father Thomas Stafford Snr, has been operating for over 63 years and focuses on contracting, combining and livestock.
Michael Helsby added: “We are using our deposits to fund good quality small businesses at a time when many still need to buy vital equipment that will allow them to adjust to the post Covid-19 world and build for future growth. Remaining committed to lending sensibly in the face of difficult market conditions is crucial to us, and we will continue to work to support business recovery during, and following, the Covid-19 pandemic.”
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